Creating a Data-Driven Startup

Creating a Data-Driven Startup Startup Bootcamp @ MIT Cambridge, MA, September 2010 Twitter hash tags: #datadriven #sb2010 David Cancel - @dcancel

David Cancel @dcancel David Cancel - @dcancel

Who am I Companies Advisor Investor David Cancel - @dcancel

http://www.performable.com/ @performable David Cancel - @dcancel

The Problem: 98% of the people who visit your site, leave never to return. David Cancel - @dcancel

2% “The average conversion rate in the United States of America whether you're selling elephants or iPods.” Avinash Kaushik - Analytics Evangelist, Google David Cancel - @dcancel

The Solution: Our software helps you ﬁnd, engage and convert more of your website visitors into customers. David Cancel - @dcancel

Performable Connect David Cancel - @dcancel

3 Lessons I Learned the Hard Way David Cancel - @dcancel

Lesson 1: The middle sucks. David Cancel - @dcancel

Startup Lifecycle Fail Win David Cancel - @dcancel

Startup Lifecycle Fail Win Valley of Death David Cancel - @dcancel

Most startups die before launching. David Cancel - @dcancel

Your “demo” is useless. David Cancel - @dcancel

Demos are useless David Cancel - @dcancel

So is your business plan. David Cancel - @dcancel

Business Plans are worth $0 David Cancel - @dcancel

Product Feedback Hate Love David Cancel - @dcancel

Product Feedback Hate Love “Interesting” David Cancel - @dcancel

http://www.ﬂickr.com/photos/spaceface4/4001060687/ I hate your idea This is good David Cancel - @dcancel

http://www.ﬂickr.com/photos/spaceface4/4001060687/ I love your idea Even better David Cancel - @dcancel

http://www.ﬂickr.com/photos/krieg/2194867096/ I don’t care Avoid this at all costs David Cancel - @dcancel

Raising Money Dream Traction David Cancel - @dcancel

Raising Money Dream Traction I have a “demo” David Cancel - @dcancel

Lesson 2: Your idea doesn’t matter. David Cancel - @dcancel

Solve a critical problem. Forget your idea. David Cancel - @dcancel

How do you know if you’re solving a critical problem? David Cancel - @dcancel

Warning Sign: “If ...” David Cancel - @dcancel

“If it was easier to use I would start using it.” David Cancel - @dcancel

“If I had more time...” David Cancel - @dcancel

“If it was cheaper I would start using it.” David Cancel - @dcancel

Lesson 3: The secret. David Cancel - @dcancel

Liquidity Discover the secret David Cancel - @dcancel

Are you ready to learn the secret? David Cancel - @dcancel

#JFDI David Cancel - @dcancel

#JFDI Just Fucking Do It. David Cancel - @dcancel

#JFDI Just Fucking Do It. Please. David Cancel - @dcancel

http://www.ﬂickr.com/photos/88933162@N00/481537731/ No more excuses It’s that simple. David Cancel - @dcancel

Lean Startup? Customer Development? Who cares... David Cancel - @dcancel

It can all be summarized into one sentence. David Cancel - @dcancel

Does anyone care about your product? David Cancel - @dcancel

There are NO repeatable patterns for startup success. None. Stop looking for one. David Cancel - @dcancel

Go solve a real problem. David Cancel - @dcancel

Ok enough ranting. David Cancel - @dcancel

David Cancel - @dcancel http://www.ﬂickr.com/photos/joao_trindade/4363149160/

Optimize your startup for learning by creating a data-driven framework. David Cancel - @dcancel

Analytics & A/B Testing are also not the answer. David Cancel - @dcancel

Use quantitative & qualitative data to test YOUR assumptions. David Cancel - @dcancel

Multivariate Testing is Useless. David Cancel - @dcancel

You are way too small to matter. David Cancel - @dcancel

The point of testing is to prove or disprove assumptions quickly. David Cancel - @dcancel

Optimize your startup for learning not data. David Cancel - @dcancel

The 3 Steps to Data-Driven Startup Enlightenment David Cancel - @dcancel

Data-Driven Startup Checklist ★ Operating Dashboard ★ Conversion Funnel Analysis ★ Cohort Analysis David Cancel - @dcancel

Skip the fancy shit and use Google Spreadsheet. Ghettofabulous. David Cancel - @dcancel

Step 1: The Operating Dashboard. David Cancel - @dcancel

A single place for your entire team to see where you suck the most. David Cancel - @dcancel

Fictional Company-wide Everyone! Including interns. dashboard David Cancel - @dcancel

Every initiative has to map to positive changes in these numbers. David Cancel - @dcancel

Kill all features that don’t improve your operating metrics. David Cancel - @dcancel

Only move to the second step after you’ve mastered the Operating Dashboard. David Cancel - @dcancel

Step 2: Conversion Funnels David Cancel - @dcancel

Metrics are fun, but Funnels kick ass. David Cancel - @dcancel

Fancy Forget pretty visualizations David Cancel - @dcancel

Pretty Wasted time David Cancel - @dcancel

Keep it raw & ugly Do this tomorrow morning. David Cancel - @dcancel

Monitor your funnel weekly to see how changes are impacting your business. David Cancel - @dcancel

If you aren’t doing this you are implementing lots of useless features. David Cancel - @dcancel

Step 3: Cohort Analysis David Cancel - @dcancel

This is the “shot caller” of all analyses. Respect. David Cancel - @dcancel

Cohort Analysis by Fred Wilson (post) David Cancel - @dcancel

Without a cohort analysis you are ﬂying blind. David Cancel - @dcancel

Is your churn going up or down? David Cancel - @dcancel

You don’t have a clue until you’ve done a cohort analysis. David Cancel - @dcancel

Cohort analytics is in closed beta. Apply at Performable.com. David Cancel - @dcancel

Just a few more rants. David Cancel - @dcancel

Data Visualizations are a Waste of Time. David Cancel - @dcancel

Focus on your business. Not data. David Cancel - @dcancel

No one cares how smart you are except for your mom. David Cancel - @dcancel

Only one thing matters. David Cancel - @dcancel

Does anyone care about your product? David Cancel - @dcancel

Thank You! David Cancel Email: dcancel@dcancel.com Twitter: dcancel http://davidcancel.com David Cancel - @dcancel

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Creating a Data-Driven Startup

by David Cancel on Oct 03, 2010

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Creating a Data-Driven Startup — Presentation Transcript